Electronic payment provider Payzone has sold its mobile phone top-up businesses in Germany, Poland and The Netherlands for E2.2m.

The businesses have been sold to Quam Equity International, the owner of German e-payment provider JCP group.

Payzone will also benefit from the release of deposits and financial guarantees totalling E8.9m. The company will use the proceeds to reduce debt.

“This is a very pleasing result for Payzone as it provides an exit from non-core businesses and also reduces the company’s debt,” said chief executive Mike Maloney. “By completing their disposal, management can concentrate resources on Payzone’s key business.”